Advance Tax Due Dates F.Y.2019-20 A.Y.2020-21

Advance Tax is pre paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee have to paid taxes in advance on the estimate income during the year in installment for individual assessee, companies and corporate assessees. For example, for financial year 2019-20 (relevant to assessment … Read more

Who is Liable to Pay Advance Tax?

Tax payers are required to pay advance tax on their income which they expect to earn during the current year. For example, for financial year 2019-20/assessment year 2020-21 advance tax is payable in instalments during 2018-19 itself. The advance tax so paid is adjusted against the total tax assessed for that assessment year i.e. A.Y.2019-20. … Read more

How to Deposit Advance Tax Online or Offline?

The procedure to deposit advance tax is similar to income tax. Advance tax is itself a income tax. We call it advance tax as we deposit it advance before due date of income tax. So the procedure is the same as income tax. After calculation of advance tax, you can deposit advance tax offline or online.  … Read more

Waiver & Interest on Excess Payment of Advance Tax

As we are liable to pay interest u/s 234A, 234B and 234C for late payment or non payment of advance tax. In the similar manner the Government is also liable to pay interest if we pay advance tax more than due. But there is huge difference of interest rate in the case of Government liability. … Read more

Interest on Short or Non Payment of Advance Tax A.Y. 2019-20

Interest for Short Payment or Non-Payment of Advance Tax u/s 234B Advance Tax calculated on estimate income should be nearest. But if there is short payment more than 10% or non payment or late payment of advance tax, interest shall be payable on the amount of shortfall. The following chart will help you to calculate … Read more

How to Calculate Advance Tax?

Advance tax calculation is very simple as every layman can do it without difficulty. First of all, you should know that advance tax is paid in installments as we have discussed in previous article. Secondly, you should know that are you liable to pay advance tax, if yes, then this article is for you if … Read more